Hyperlocal discovery startup MagicPin has bagged $7 million in Series B round of funding from existing investor Lightspeed India Partners and Waterbridge Ventures. Current round also saw the participation of $15 million venture fund which was invested by private equity veteran Manish Kheterpal and two global family offices, Srivatsan Rajan, Chairman of Bain and Co India, and Sahil Barua, CEO of logistics company Delhivery.
MagicPin is the platform where users and merchants in a locality discover, interact and transact. For merchants, the company provides a go-to platform for spotlighting their uniqueness while boosting their revenues and utilization through real-time promotions, loyalty programs, and content updates. For users, the platform is the destination to find out the buzz in their locality and discover interesting people to connect with and events/merchants to go to.
The platform works this way, you just have to pin a location on the map, and the platform will show you the best local experiences that people in the neighborhood are having – from the hippest cafés to the yummiest dimsums, the trendiest fashion boutique, luxurious spas, and many more.
Commenting on the development, Bejul Somaia, MD, Lightspeed India Partners, said:
The vast majority of commerce is, and will continue to be, transacted offline. MagicPin’s metrics reflect early but exceptional success in capturing smartphone-wielding users and directing their offline spend to participating merchants
According to MagicPin CEO, Anshoo Sharma, the key differentiator for the company from the other company in the same segment is that it allows people to share their experience about a place they went to with a post and a picture.
Currently, the company is in operational in some tier-1 cities which include Delhi NCR, Bangalore, Mumbai. The company uses location intelligence to deliver discover, recommendations and rewards for local experiences. It is the social network for local experiences.
Within three months of its launch in Delhi/NCR, the startup MagicPin claimed to have signed up 150K active users and have covered 30K merchants across Delhi NCR region, Bengaluru, and Jaipur.